Archive for January 2013

“But though I was initially disappointed at being categorized as an extremist, as I continued to think about the matter I gradually gained a measure of satisfaction from the label. Was not Jesus an extremist for love: “Love your enemies, bless them that curse you, do good to them that hate you, and pray for them which despitefully use you, and persecute you.” Was not Amos an extremist for justice…: “Let justice roll down like waters and righteousness like an ever flowing stream.” Was not Paul an extremist for the Christian gospel: “I bear in my body the marks of the Lord Jesus.” Was not Martin Luther an extremist: “Here I stand; I cannot do otherwise, so help me God.” And John Bunyan: “I will stay in jail to the end of my days before I make a butchery of my conscience.” And Abraham Lincoln: “This nation cannot survive half slave and half free.” And Thomas Jefferson: “We hold these truths to be self evident, that all men are created equal . . .” So the question is not whether we will be extremists, but what kind of extremists we will be. Will we be extremists for hate or for love? Will we be extremists for the preservation of injustice or for the extension of justice?” -Martin Luther King, Jr.

Feeling down because you don’t understand your business insurance? The Dog Blog is here to help!

Today is the first part of a series reviewing various business insurance coverages. Insurance companies will handle the various coverages differently, but some generalities can be made. Many companies often use standardized forms provided by theInsurance Services Office, but certainly not all do. Today’s coverages we will review are theCommercial Package Policy andBusiness Owners Policy.

The Commercial Package Policy (CPP)in its simplest form is the combination of two business coverages – most commonlygeneral liabilityandcommercial property. The CPP can be written a la carte to include a variety of different coverages, but is almost always written with GL & property.General Liabilityprotects business owners from a wide variety of legal exposures, such as a customer getting injured at their location, damages due to a product failure (although the actual product itself is typically NOT covered), or a wide variety of other lawsuits.Commercial Propertyprotects business owners against a loss to their building, contents & furnishings, inventory, or other goods. The CPP can also include things like tool coverage, equipment breakdown, professional liability, auto, and crime – it can be built “from scratch” to meet your needs specifically, and is often used for larger or more complex businesses.

TheBusiness Owners Policy (BOP) is a package that automatically includes a variety of coverages to provide a more efficient and competitive method of insuring a business. The package includes general liability, commercial property, business income protection, and often also includes a variety of coverage enhancements.Business Income coverage replaces lost income when business operations are interrupted due to a covered property loss. For example, if there is a fire at a retail store and they cannot operate for 3 months, the income lost for those 3 months is replaced by the insurance company.

The BOP is meant to streamline coverage for less complex businesses such as small retail operations or a medical or professional office (but the BOP does NOT offer malpractice coverage!). If a BOP is available, it is often going to be more competitively priced than it would be to try to piece together similar coverages via a CPP.

As I mentioned previously, each insurance company is going to handle coverages differently, and ultimately if you have questions you should call your agent! Thanks for tuning in!